economy left something to be desired today. factory output barely rose in may, and consumer sentiment fell in june. wall street reacted with a friday sell-off. the dow jones industrial average lost nearly 106 points to close at 15,70. the nasdaq fell nearly 22 points to close at 3,423. for the week, both the dow and the nasdaq lost more than 1%. those are some of the day's major stories. now, back to judy. >> woodruff: today the city of detroit, and its creditors, were presented with a series of painful options. retired city workers were warned of significant cuts in pensions and health insurance and creditors were told the city won't be able to pay them back. the day started with an announcement that the government already defaulted on some debt. it got worse from there. ray suarez has the story. >> make the banks pay. >> suarez: a handful of protesters picketed outside the westin hotel this morning, while inside, detroit's emergency manager kevyn orr laid out a last-ditch plan to 150 creditors to accept pennies on the dollar